Accountant for year end
Looking for an accountant for year end accounts?
All businesses must produce annual accounts.
For a sole trader or partnership this means preparing a profit and loss account for the year and balance sheet at the year end. Limited companies have greater requirements. They need to prepare year end accounts in accordance with the appropriate accounting standards and submitted them to Companies House.
Wren Accounting Services have extensive experience working with small business owners. We help them comply with their legal requirements around accounts.
For micro and small limited companies, we will help you decide which accounting standard to adopt. Accounts are then prepared for your approval that fully comply with the adopted standard.
We will prepare full accounts for the shareholders and filleted accounts for filing at Companies House. We are happy to explain this in more detail at your free initial consultation.
Your accounts should not just be about complying with legal obligations. They should also be valuable to the business to help it improve. We will run through the numbers with you, explain them so you have a full understanding of what is happening in your business and highlight where we can see areas for improvement. That way they will help you then make informed business decisions.
Benefits of hiring an accountant for year end accounts...
Minimize tax liability
It is always best to carry out tax planning before the year end in order to get the best outcome. When preparing your accounts we will identify all items that impact tax calculations and always look for legitimate ways to minimize your tax liability.
Analyse all areas of your business
We will analyse areas of your business and identify areas for improvement, check the overall profitability of your business but also see the profitability of different areas/revenue streams of your business.
Make informed business decisions
Having a full view of your business and finances will give you the ability to make fully informed business decisions based on facts rather than emotions. You will be able to scale areas of the business that yield hefty profits, reduce costs where necessary and overall increase the profits of your business through informed decisions.
Use accounts to assess business goals
Every business will start the year will goals. Come the year end you will have the information at hand to assess these goals, take required actions moving forward and reassess your goals for the following business year.
Management Accounts
Management accounts are similar to year end accounts in that they usually include a profit and loss account and balance sheet but they are more informal. Often they will include monitoring against budgets and other useful indicators such as cashflow.
They are usually prepared monthly or quarterly and are tailored to provide more detailed information. This is useful to business management to help them run their business.
Why use our Management Account service?
We will prepare your management accounts at an interval that is appropriate for your business, ie monthly or quarterly.
When preparing your management accounts, we will analyse your business and gain a thorough understanding of what is happening.
We will talk you through what the numbers mean and where we can see that improvements can be made.
With this information you can make informed business decisions, react to threats, identify opportunities, and drive the business forward.
Management accounts also allow for legitimate tax planning opportunities to be identified. This could be around the timing of the purchase of fixed assets, pension contributions or claiming R&D tax relief.
